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Posted On: 9 June 2020 03:00 pm
Updated On: 12 November 2020 10:18 am

Comparing credit cards in Qatar

Nabeela
Nabeela
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A credit card can be a blessing if you’re in a financial fix. It can be a curse, too. More often than not, you find yourself spending more than you should and more than you can pay back, thanks to the interest rates. That’s why, it’s important that if you are really keen on getting a credit card, you know all the details, so you don’t end up with more debt than you can pay off thanks to the hidden clauses!

If you’re looking for a credit card in Qatar, and can’t decide which bank offers the best deals, lowest interest rates, benefits, fees, minimum salary requirements, etc., then we’re here to help.

Qatari banks offer an amazing range of benefits and features with credit cards so whether you’re looking for free rounds of golf, discounts on restaurants, free spa treatments or cashback on purchases, we can help you find the best card for you.

Credit Cards in Qatar: Basic Features

You can find all sort of credit cards in Qatar from the most basic to more advanced with more features and extra benefits. Most of the credit cards are either Visa or Mastercard, and to get one, you need to apply for one from a bank.

We've put together a list of banks in Qatar and compared their various features so it's easy for you to make a decision as to which credit card best suits your needs and wants and offers you the best value. We have used each bank's basic credit card for the comparison, so you can get a clearer idea of what each bank has to offer.

Comparing credit cards in Qatar

Please note: The annual fee for a credit card may vary depending on the credit limit, which is determined based on the salary. Also, your employer/sponsor must be listed on the bank's approved list, and most banks require you to transfer your salary to that bank, before you are eligible for a credit card.

Credit Cards in Qatar: Extra benefits

Comparing credit cards in Qatar

How to apply for a credit card in Qatar

After checking out the comparison tables above that we've made especially for you, by now, it must be clear what your requirements are when it comes to a credit card and you've made a decision as to which bank you'd like to get that credit card from, it's time to find out the eligibility criteria, get all the required documentation ready and apply for a credit card.

Eligibility

Qataris

  • Above 18 and not older than 60 years of age at the time of application
  • Be employed for at least 3 months for salary assigned customers

Expatriates

  • Above 21 and not older than 60 years of age at the time of application
  • Be employed for at least 3 months for salary assigned customers
  • Earn a minimum monthly salary of QR 4,000

Documents needed to get a credit card

The following are the basic documents that you will need to give the bank to get a credit card. However, in addition to these documents, every bank may have their own requirements and may ask you for some additional documents like a post dated security cheque to the value of the approved credit card limit.

Qataris

  • Valid Qatar ID Card
  • Salary certificate/salary assignment letter from your employer

Expatriates

  • Qatar ID or Residence Permit
  • Passport copy
  • Two passport sized photographs
  • Salary assignment/transfer letter/lien form

Application process

  • Complete an application form at any of our branches
  • Provide the documents listed below
  • If your application is approved, you will be contacted when your new credit card and PIN number are ready to be collected at your account holding branch.

A few good things to know about credit cards

An important thing to know and understand is that banks are always keen on getting money out of you one in way or the other. That’s why, it’s important to keep some important things in mind before you head to one to get yourself a credit card in Qatar:

Low interest credit card

A credit card that has a low interest rate often has a higher annual fee. This is OK if you use the credit card as a means for borrowing and paying later. It’s better, in the long run, to have a higher annual fee rather than a high interest rate, especially if you will just be making the minimum payment.

Reward card

A reward card may also have a high annual fee, and though you do earn points when you spend using a reward card, the annual fee may be higher than the points and rewards that you accumulate over the year. To balance out the high annual fee, you’ll have to spend huge amounts of money and earn lots of reward points.

Interest-free credit card or balance transfer deal

This is a good deal, but you have to remember that the interest-free offer is just for a short period and has a limit on it.This means that if you have balance on your credit card that’s unpaid, your interest will probably increase, and may even be about 20%.

How to choose a good card if you pay on time

Annual fees

Choose a card that doesn’t have any annual fees, and also has a good number of interest-free days on purchases.

Interest-free days

Choose a credit card that gives you a minimum of 14-25 days after you receive the statement to pay off the bill. This should give you about 44-55 interest-free days when you purchase.

International transactions

Choose a credit card that has a low currency conversion rate.

Rewards

Since a reward card often comes with a higher annual fee, you would have to spend approximately QR 2,000 every month on the card just so you can even justify the high annual fee. In other words, unless you make big purchases and your rewards are bigger than the annual fee, the rewards card will give you next to nothing.

How to choose a good card if you may not pay on time

Transfer debt

Transfer your debt to a credit card that has little or no interest rate for balance transfers, so you will have some time to bring your finances back to a comfortable level that you can handle.

Cut and throw old card

If you do transfer your debt to a low-interest-card, don’t make any new transactions on the card or you will start raking up interest right from the start. In fact, it may even be a good idea to cut up the old card so you are not tempted to spend more and increase your debt.

Now, let's take a look at the credit cards available from each bank in Qatar, so you have a good idea what you want and need, and get the credit card that you want.

Do you have a credit card? Are you planning on getting one? Was this article helpful to you? Do let us know what you think in our Comments section. Like and share the article - it keeps us going!

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